|Mortgage & Refinancing Information|
Types of Home Equity Loans
There are at least two types of home equity loans.
The first is a term or closed end loan and the second is basically a line of credit. Most people prefer to refer to them as a second mortgage because they are secured against your home much like your first home loan or mortgage. Typically these types of home equity loans usually have a payback life of between 5 and 15 years.
The term loan is a one-time lump sum payment that is paid off over a set amount of time. There is a fixed interest rate which allows for the same loan repayment each month. After you get your money you cannot borrow further from the loan.
A home equity loan line of credit works more like a credit card. You are allowed to borrow up to a certain amount for the life of the loan. The time limit is usually set by the lender of the loan. During that time you can withdraw money as you require it to purchase items or pay for things that interest you. As you pay off the principal your credit revolves and you can use it again. This credit line gives you more flexibility than a term home equity loan.
Which ever of the two types of home equity loans that you should use depends on your unique situation. You can base your decision on some common questions such as how much money will you need, how long will you need the money for, how long will you need to pay the loan off and how much of a monthly payment can you afford.
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Selecting the Right Mortgage for You
A mortgage is a loan you take out to buy a home. This loan covers the "principal" (purchase price of the house minus your down payment) plus the "interest," which is the fee a lender charges you to borrow the money.
How to Buy a Home Without a Down Payment
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In today's world, a borrower should not be paying mortgage insurance (PMI) on their home mortgage with a few exceptions such as an FHA loan. Mortgage Insurance is a thing of the past.
Some of the Available Loan Types
There are many mortgage products available on the market today. We can help you find out which one is right for you.
Refinancing Your Home Mortgage Loan
You're considering refinancing your home mortgage loan to save money. Interest rates are the lowest they have been in decades.
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Mortgage refinancing is when you take a mortgage of a certain interest rate and term length, and change it for a different interest rate and term. If you are looking to refinance your home loan it is usually done when rates have dropped considerably therefore making it advantageous to do so.
Know Your Mortgage Options
While trying to find the lowest rates, many homeowners fail to examine the type of mortgage, and which type of mortgage is best suited to their needs. Whether you are buying a new home or refinancing, it is important to understand the different mortgage types, and evaluate which one best meets your needs.
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Interest-only Mortgages Have Their Pitfalls
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